MTN Ghana Revenue Rises 33.5% to GHS23.2 Billion in Nine Months

Scancom PLC, which trades as MTN Ghana,  has reported a 33.5% year-on-year increase in service revenue to GHS23.2 billion for the nine months ended 30 September 2026, supported by growth across its connectivity and fintech businesses.

The company’s third-quarter service revenue rose 35.7% to GHS8.2 billion. The results were approved by the Board on 28 October 2026 and are presented on a combined basis covering Scancom PLC and its separated fintech business, MobileMoney Fintech Limited (MMFL). MTN Ghana noted that the combined figures are for illustrative purposes and do not constitute consolidated financial statements.

Profit after tax increased by 43.0% to GHS7.8 billion, while profit before tax rose 47.0% to GHS11.4 billion. Earnings per share grew 42.9% to GHS0.586. EBITDA increased by 40.6% to GHS14.3 billion, with the margin expanding by 3.1 percentage points to 61.5%. For the third quarter, EBITDA rose 42.1% to GHS5.0 billion, at a margin of 61.1%.

“We delivered another strong quarter in Q3 2026, with broad-based growth across our Connectivity and Fintech businesses. Service revenue increased by 35.7% YoY to GHS8.2 billion in Q3, taking service revenue growth for the first nine months of the year to 33.5% YoY and GHS23.2 billion.”

– Stephen Blewett, Chief Executive Officer, MTN Ghana

Data remained the largest contributor to revenue, increasing by 44.5% to GHS13.5 billion during the nine-month period. It accounted for 58.1% of service revenue, compared with 53.6% in the corresponding period of 2025. Average monthly data usage per active customer rose 36.8% to 19.8GB.

Voice revenue increased by 7.6% to GHS3.1 billion, while digital revenue nearly doubled, growing 98.0% to GHS642 million. Mobile Money revenue rose 24.4% to GHS5.4 billion.

“Growth remained well diversified across our key revenue streams. Data revenue increased by 39.9% YoY in Q3, supported by sustained demand for data and digital services, continued smartphone adoption, increased customer usage, portfolio optimisation and customer value management initiatives. Voice revenue increased by 27.1% YoY within the quarter, supported by portfolio optimisation and targeted commercial interventions aimed at enhancing monetisation and customer engagement. Digital revenue grew by 98.1% YoY in Q3, reflecting continued customer adoption of gaming, video and content services, while Mobile Money revenue increased by 26.5% YoY, supported by continued expansion across core wallet and advanced financial services and increasing digital payment adoption.”

– Stephen Blewett, Chief Executive Officer, MTN Ghana

Stephen Blewett, Chief Executive Officer of MTN Ghana, said the company’s strong revenue performance, disciplined cost management and operational efficiency had driven profitability during the quarter. He noted that EBITDA increased by 42.1% year on year to GHS5.0 billion in the third quarter, outpacing service revenue growth, while the EBITDA margin rose by 2.7 percentage points to 61.1%. For the nine-month period, EBITDA grew by 40.6% to GHS14.3 billion, with the margin expanding by 3.1 percentage points to 61.5%.

Total costs increased by 23.2% to GHS8.9 billion, while operating expenses rose 24.7%, reflecting higher network-related spending, rent, utilities and maintenance. Cash generated from operations reached GHS14.6 billion, compared with GHS10.8 billion in the same period of 2025.

Capital expenditure declined by 27.2% to GHS3.2 billion, including GHS2.6 billion in ex-lease capital expenditure. MTN Ghana also paid GHS9.0 billion in direct and indirect taxes, up from GHS7.3 billion a year earlier, alongside GHS533.6 million in fees and levies to government agencies.

The company recorded growth across its customer segments. Mobile subscribers increased by 12.7% year-on-year to 34.3 million, active data subscribers grew by 16.1% to 22.0 million, and active Mobile Money users rose by 6.9% to 18.9 million.

“Our customer base also continued to expand, providing a strong foundation for future growth. Mobile subscribers increased by 12.7% YoY to 34.3 million, active data subscribers grew by 16.1% to 22.0 million, and active Mobile Money users increased by 6.9% to 18.9 million. In Q3 alone, we added about 1.5 million mobile subscribers, up from about 0.8 million in Q2, along with about 0.7 million active data subscribers and 0.6 million active MoMo users. Overall, Q3 further strengthened our nine-month performance, demonstrating the resilience and diversification of our growth engines. This performance also reinforced our capacity to generate earnings and cash flow while continuing to invest in the long-term growth of the business and deliver returns to shareholders.”

– Stephen Blewett, Chief Executive Officer, MTN Ghana

MTN Ghana also disclosed that the National Communications Authority (NCA) had notified it of an award of spectrum in the 700 MHz and 3 GHz bands to support 5G and mobile broadband services. The allocation comprises 2×20 MHz in the 700 MHz band and 1×150 MHz in the 3 GHz band, with licences valid for 15 years.

The spectrum acquisition cost of US$202 million is already included in the company’s free cash flow outlook and, according to MTN Ghana, does not change its full-year 2026 free cash flow or dividend expectations. The company plans to use the additional spectrum to expand 5G services and strengthen its home broadband offering.

The boards of Scancom PLC and MMFL each declared a third-quarter dividend of GHS0.03 per share. The ex-dividend date is 24 November 2026, the qualifying date is 26 November, and payment is scheduled for 10 December 2026.

For the full year, MTN Ghana expects service revenue growth in the low-to-mid 30% range, with EBITDA margins in the high-50s to low-60s. Over the medium term, it expects margins to normalise towards the mid-to-high 50% range as it increases investment in 5G, network quality and coverage. The company also plans to review its three-to-five-year growth expectations at year-end.

The operating environment showed some improvement in inflation, which averaged 4.2% during the first nine months of 2026, compared with 17.3% in the same period a year earlier. However, the Ghanaian cedi depreciated 12.1% against the US dollar, moving from GHS10.45 to GHS11.71 over the period.

The results follow the separation of MTN Ghana’s fintech business into MobileMoney Fintech Limited on 31 March 2026, in accordance with the Payment Systems and Services Act, 2019 (Act 987), and the Companies Act, 2019 (Act 992).